8788 Dexter Ave · Detroit, MI 48206

$50,000

3 bd · 3.0 ba · 2,840 sqft · Townhouse public records · 65 Days on market

Built 1918 4,356 sqft lot $18/sqft · 10% below area Est $50k · at est. ↓ 41% since listing

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.2/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

The DLBA is seeking proposals for the renovation and reuse of this multi family home situated along one of Detroit’s well-traveled corridors, 8788 Dexter Avenue offers a location rich in convenience, accessibility, and neighborhood character, this property is ideal for a buyer ready to take on a renovation project and bring it back into productive use. Interested buyers should submit a complete proposal outlining the intended use, renovation scope, project budget, timeline, proof of funds, and relevant prior experience. All proposals will be reviewed competitively based on purchase price, project feasibility, financial capacity, development experience, and neighborhood benefit. Please note that the DLBA is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may be incompatible with certain tax abatements that may otherwise be available to the selected purchaser. The DLBA will review waiver requests on a case-by-case basis and may require a payment in lieu of taxes. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the project financing.

Key facts

• 4,356 sq ft lot
• Built 1918
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 38.9% vs local median 10.2% in Detroit — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 73/100 on livability (#218 in MI) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools F, crime F, employment F.
• Detroit Public Schools Community District (urban): math 10% / reading 24% proficiency, ranked #499 of 540 in MI (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 90% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.2%/yr); 271 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 2,639 units permitted in Wayne County in 2024 (1,216 in 5+ unit buildings).
• At $2,168/mo this rent would consume 58% of the median local household income ($45k/yr) (locally 646% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Wayne County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 4.34% ✓
• Cap rate: 38.94%
• Cash-on-cash: 116.59%
• DSCR: 6.19
• GRM: 1.9

CMA / ARV

• ARV (median comp): $49,715
• List price: $50,000
• Delta: 0.57%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.2% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.96×
• Total profit: $83,474
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 15.67×
• Total profit: $205,444
• Equity at exit: $4,323

Cash invested: $14,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 62 Landlord-Friendly
• State Michigan: 62 Landlord-Friendly · EVEN
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit; mixed climate; Detroit/AA have some protections.

Methodology + full state rankings →

ZIP-level market 48206

• Rents YoY: 5.2%
• Active inventory: 271
• Price-to-rent: 1.9×

Monthly cashflow live

• Estimated rent: $2,168 high
• Mortgage (P&I): −$262
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $1,360

Break-even live

Break-even rent $446

Max offer price $50,000

Occupancy floor 32%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2509 Gladstone St Unit 1 Detroit, MI	3.0	2.0	3000	$2,650	$0.88	1d	1	0.54mi
8951 La Salle Blvd Unit NA Detroit, MI	4.0	2.5	2440	$2,500	$1.02	10d	1	0.65mi
8951 La Salle Blvd Detroit, MI	4.0	2.5	2440	$2,500	$1.02	1d	1	0.65mi
2080 Gladstone St #1 Detroit, MI	4.0	2.0	2426	$3,000	$1.24	1d	1	0.82mi
3241 Lawrence St Detroit, MI	4.0	2.0	2636	$1,800	$0.68	16d	1	0.85mi
5315 Spokane St Detroit, MI	3.0	1.0	2110	$1,200	$0.57	16d	1	0.91mi
7370 La Salle Blvd Detroit, MI	4.0	3.0	3610	$4,500	$1.25	43d	1	0.95mi
2286 Calvert St Detroit, MI	4.0	1.0	3402	$1,450	$0.43	15d	1	1.04mi
1501 Taylor St #2 Detroit, MI	2.0	1.0	3734	$925	$0.25	43d	1	1.24mi
2986 Richton St Detroit, MI	3.0	1.0	2600	$1,200	$0.46	16d	1	1.27mi
3259 Cortland St Detroit, MI	3.0	1.0	3900	$1,500	$0.38	43d	1	1.29mi
1441 W Euclid St Detroit, MI	3.0	1.0	2380	$2,600	$1.09	24d	1	1.31mi
1418 W Euclid St Detroit, MI	3.0	1.0	2264	$1,200	$0.53	43d	1	1.32mi

Listing history 16 events

1. 2026-06-18
   days on market $50,000 Active 65 DOM
2. 2026-06-17
   days on market $50,000 Active 64 DOM
3. 2026-06-15
   days on market $50,000 Active 62 DOM
4. 2026-06-13
   days on market $50,000 Active 60 DOM
5. 2026-06-13
   days on market $50,000 Active 59 DOM
6. 2026-06-09
   days on market $50,000 Active 56 DOM
7. 2026-06-08
   days on market $50,000 Active 55 DOM
8. 2026-06-07
   days on market $50,000 Active 54 DOM
9. 2026-06-04
   days on market $50,000 Active 51 DOM
10. 2026-06-03
    days on market $50,000 Active 50 DOM
11. 2026-06-02
    days on market $50,000 Active 49 DOM
12. 2026-06-01
    days on market $50,000 Active 48 DOM
13. 2026-05-31
    days on market $50,000 Active 47 DOM
14. 2026-04-14
    listed $50,000 Active 1171-char remark

    Show marketing remark (1165 chars)

    The DLBA is seeking proposals for the renovation and reuse of this multi family home situated along one of Detroit's well-traveled corridors, 8788 Dexter Avenue offers a location rich in convenience, accessibility, and neighborhood character, this property is ideal for a buyer ready to take on a renovation project and bring it back into productive use. Interested buyers should submit a complete proposal outlining the intended use, renovation scope, project budget, timeline, proof of funds, and relevant prior experience. All proposals will be reviewed competitively based on purchase price, project feasibility, financial capacity, development experience, and neighborhood benefit. Please note that the DLBA is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may be incompatible with certain tax abatements that may otherwise be available to the selected purchaser. The DLBA will review waiver requests on a case-by-case basis and may require a payment in lieu of taxes. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the project financing.

15. 2026-04-14
    listed $50,000 Active 1165-char remark

    Show marketing remark (1165 chars)

    The DLBA is seeking proposals for the renovation and reuse of this multi family home situated along one of Detroit's well-traveled corridors, 8788 Dexter Avenue offers a location rich in convenience, accessibility, and neighborhood character, this property is ideal for a buyer ready to take on a renovation project and bring it back into productive use. Interested buyers should submit a complete proposal outlining the intended use, renovation scope, project budget, timeline, proof of funds, and relevant prior experience. All proposals will be reviewed competitively based on purchase price, project feasibility, financial capacity, development experience, and neighborhood benefit. Please note that the DLBA is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may be incompatible with certain tax abatements that may otherwise be available to the selected purchaser. The DLBA will review waiver requests on a case-by-case basis and may require a payment in lieu of taxes. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the project financing.

16. 2007-10-19
    soldstatus $85,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MI · Partial reset (capped growth)

• Current annual tax: $832 · $69/mo
• Projected year-2 tax: $832 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,015
• − Mortgage interest: −$2,801
• − Property taxes: −$832
• − Insurance: −$250
• − Repairs & maintenance: −$2,081
• − Management: −$2,081
• − Depreciation: −$1,455
• Taxable income: $16,515
• Est. tax owed @ 24.0%: −$3,964
• After-tax cash flow: $12,359/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Detroit Public Schools Community District
• NCES district ID: 2601103
• Math proficiency: 10% ▼ -2.00%
• Reading proficiency: 24% ▲ 6.00%
• Median HH income: $25,815
• Composite: 13.06/100
• National rank: #9564
• State rank: #499 of 540 in MI

Livability — Detroit

• Score: 73/100
• State rank: #218
• US rank: #5427

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime F Employment F Housing A+ Health & safety B- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Detroit, MI
• County: Wayne County · 1,562,939 people
• City population: 572,865
• Metro: Detroit-Warren-Dearborn, MI
• Population (ZIP): 15,227
• Household income: $45,046
• Rent vs Own: 46.4% rent · 53.6% own
• Severe rent burden: 646.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 1,675,273 people
• By 2030: 1,620,300 · -3.3%
• By 2040: 1,502,341 · -10.3%
• By 2050: 1,384,039 · -17.4%
• By 2075: 1,124,592 · -32.9%
• By 2100: 881,193 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (81%)
• Race & ethnicity: Black 81% White 12% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Iranian 3% Romanian 1% Slovak 1%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Wayne

• 2024 margin: Strong D (+29.0) · D 62.7% · R 33.7% · Other 3.6%
• 2008→2024 swing: -20.5pp toward R · 2008: 49.5pp · 2024: 29.0pp
• All cycles: 2024: D+29.0 2020: D+38.1 2016: D+37.3 2012: D+46.9 2008: D+49.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.60%
• Current HPI: 130.9545
• Rent YoY: ▲ 5.20%
• Metro: Detroit-Warren-Dearborn, MI
• State GDP YoY: ▲ 1.37%
• F500 in state: 28

Industry mix (Fortune 500 HQ in MI)

Industry	F500 HQs	Revenue
▸Automotive Parts	3	$48B
▸Automotive	2	$372B
▸Chemicals	1	$45B
▸Automotive Retail	1	$29B
▸Healthcare / Medical Devices	1	$23B
▸Automotive Technology	1	$20B

Price history

-41.2% since first listed

3 events — show timeline

• 2026-04-14 Listed $50,000 MiRealSource-MiMLS
• 2026-04-14 Listed $50,000 REALCOMP
• 2007-10-19 Sold (Public Records) $85,000 Public Records

Property tax history

-6.3%/yr

Latest (2025): $832 · +0.0% YoY. Source: county tax records.